What is Earned Value?
Earned Value (EV) is a Project Management tool
The concept has been around for ages (officially, since the late 60's) & has these key principals:
- Establish a project's cost & schedule baseline
- Track a project from inception through completion
- Measure progress using standard techniques
- Track changes to the project baseline
- Compare baseline budget, earned value, and actual costs for:
- The current period
- Cumulative to date
- At completion
- Analyze cost & schedule variances, then take corrective actions
